Skurio Limited (NI064091): administration
- Status
- Administration ended
- Administration began
- 2024-03-22
- Administrators
- Ian Davison, Scott Murray
- Administrators' firm
- BDO
- Formerly
- Repknight Ltd; Rejo Systems Limited
- Incorporated
- 2007-04-13
- Location
- Belfast
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company has historically been loss-making and accumulated losses from incorporation totalling over £24m.
We understand funding was provided by the Shareholders through convertible shareholder loans. The Shareholders commenced a sales and marketing process for the sale of the Company in 2023 through US based investment bank, Stephens Inc. This process was ultimately unsuccessful and further detail on this sales process is included within our SIP 16 report included in the Joint Administrators’ Proposals. Once it was evident a sale could not be completed on a solvent share sale basis, the majority Shareholder withdrew their support and the Company was cash flow insolvent.
On 11 March 2024, the Board filed a notice to appoint an Administrator, with Scott Murray and lan Davison of Keenan CF as the proposed Joint Administrators.
Administrators' statement of proposals (2024-11-20) · Companies House register